Jse
Double Top forming on NedbankAlthough not confirmed yet, JSE:NED seems to be forming a double top pattern.
Here is the definition of a double top from investopedia: A double top is an extremely bearish technical reversal pattern that forms after an asset reaches a high price two consecutive times with a moderate decline between the two highs. It is confirmed once the asset's price falls below a support level equal to the low between the two prior highs.
Although it still has quite a distance to go, if it continues down and breaks through the "neckline" I think we could see a nice downward move all the way to the support level at around 15250. I will be waiting for confirmation before entering.
BIDVEST - Upward Channel with Upward MomentumJSE:BVT has been trading in a nice upward channel since November last year. It is currently trading just below the middle of the channel and seems to be on its way up. It is also showing some good signs of upward momentum based on the stochastic, MACD and the two EMAs that are crossing based on today's price action so far. If the momentum continues, I think we could see a move up to the top of the channel which also coincides with the strong resistance level at around the 22000 level.
MCG on the up?JSE:MCG is showing signs of great upward momentum. The stochastic and MACD indicators turned up last week and the two EMA's crossed in an upward direction yesterday as the final trigger for a long trade. We could see a love up towards the 12500 resistance level, and if it breaks through that level, we could potentially see it going all the way towards the previous highs at around the 14000 level.
VISUAL INTERNATIONAL HOLDINGS BUY IDEAVISUAL INTERNATIONAL HOLDINGS has printed an inverse head and shoulder pattern, will be buying now at 8 cents targeting 34 cents.
WHL - Downward MomentumJSE:WHL has ticked all of the "indicator boxes" to signal a short trade. The EMA's crossed on Friday last week which was the final trigger sign along with the Stochastic and the MACD crossing downwards a few days earlier.
Today, so far, the price seems to be slightly up, but if it breaks through the lows formed on Friday, I will enter a short position.
AG Capital -Storm trading Morning Call 10 septemberWe give a quick recap of markets overnight and the previous day and insights into the day ahead with a few trade ideas on the day. Ideas are strictly NOT INVESTMENT ADVICE.
MTN Downward MomentumJSE:MTN is looking good for a short position because the Stochastic and the MACD turned down a few days ago and more recently the EMA's have crossed downwards. I think we could see a move all the way down to the support level around 10500
SAPPI Back at point of interestAfter the initial break of the 4260 level, SAPPI is back at a point of interest, the 50% upper median parallel of the pitchfork since the March 2020 lows. Just below, we have the the 50MDA & 200MDA. I would like to see this holds for bullish conviction, but there are lower support levels for possible entries, the 38.2% retrace (3913) and 50% retrace (3449). Bullish invalidation below 3449.
ABSA - Bearish Engulfing off of Ascending ResistanceJSE:ABG formed a bearish engulfing candlestick pattern on 1 September which is a top reversal signal. What makes the signal stronger is the fact that it it coincides with the resistance level from the current longer term up-trend.
The MACD, Stochastic and now the EMA's are also showing signs of downward momentum. I think we could possibly be looking at a move down towards the 13500 area before turning back up again.
ARI - Possible Short positionJSE:ARI is showing some good downward momentum based on the stochastic and MACD and the EMAs which are about to cross downwards. I will wait until we get absolute confirmation from the EMAs before entering, but if it breaks lower than the low of today's candle so far, we should see a cross.
Potential Bearish Flag on ANGJSE:ANG made a string downward move early in August. Since then it has been consolidating in a slight upward direction. Although not confirmed yet, this might be the formation of a bearish flag pattern. If it breaks through the bottom of the consolidation area, we could possible see a downward move as far down as the length of the original flagpole. I will wait for confirmation first before entering.
SASOLsasol bullish flag at play a move higher if fundamentals align we might see a big move on this one
Naspers upward MomentumJSE:NPN is showing good signs of upward momentum based on the stochastic, MACD and EMA's. It is also trading in a downward channel at the moment, so I would think that it has potential to make a quick move up to the top of the channel, but if it breaks through, I think we could see it go all the way to the resistance level at around 320000
MTN Group Limited RSI indicators are showing exhaustion. The stock looks overbought and is facing strong resistance at R130.
As a trader, I wouldn't want to buy the top right now. I'm looking for a pullback to (+- R115) before I enter a position again.
There is no denying that MTN has been a top stock to own in 2021, and this uptrend should continue, but in the short term I'm expecting a 10% pullback and then a retest to current levels of R130. If it can break out of R130 then R150 is on the cards.
Pullback to R115 -( Ideal entry )
Retest of R130+ then some consolidation, then a breakout to test R150.
30% upside reward from R115 levels.
Not financial advice.
SAPPI, will the downtrend break higher?SAPPI is currently holding the 38.2% retracement off the highs as resistance. Looking for a break of 4260 to go long, or a drop back to 3721, (or 3495). Target 5100
Glencore showing signs of downward momentumJSE:GLN is showing signs of downward momentum based on the indicators of our momentum strategy.
The EMAs crossed in a downwards direction yesterday while the stochastic both crossed downwards the day before.
I think we could see a move down towards the previous support area at around 5780
